Income tax; providing credit for employers who make payments on student loan debt of employees. Effective date.

SB 106 creates a 30% income tax credit for Oklahoma employers who pay down their employees' student loan debt. This directly affects Oklahoma employers and their employees with student loan obligations. The credit is calculated as 30% of the employer's payments toward an employee's student loans, cannot reduce tax liability below zero, and unused portions may be carried forward for up to 10 years. Employers must claim the credit using forms and documentation specified by the Oklahoma Tax Commission.